VerifyMe, Inc., a digital security, authentication and tracking technology solutions provider, announced today that it has entered into a strategic partnership with Covectra, Inc., a multi-layered brand protection company.
The Cross Selling Agreement has been signed as a Memorandum of Understanding giving VerifyMe the ability to sell and create a distribution channel to the Pharmaceutical, Food & Beverage, Tobacco and other industries. The Agreement addresses the Pharmaceutical industry’s new Serialization, Track and Trace technology requirements mandated by the FDA in November 2018.
VerifyMe Chief Executive Officer, Patrick White, stated, “We are excited to team up with Covectra and believe our technologies when integrated together provide a stronger complete solution for brand protection. This agreement quickens our penetration into the pharmaceutical industry. We look forward to identifying and penetrating market opportunities with our new partner and generating revenue for both companies.”
Covectra Chief Executive Officer, Stephen Wood, commented, “VerifyMe has superior technology and we look forward to working together to address security, authentication and brand protection across various industries. The recent mandate by the FDA for serialization, track and trace technology for the pharmaceutical industry is a ripe multi-billion-dollar opportunity for our partnership to address.”
The strategic partnership agreement enables the integration and cross-selling of both companies’ products with each others, specifically:
About Covectra, Inc.
Covectra was founded in 2008 to develop serialization-based solutions for track & trace as well as to combat drug abuse and diversion and counterfeiting. In 2009, the company launched its cloud-hosted AuthentiTrack serialization database capable of serial number generation, management, and aggregation from unit dose up to pallet, with rework capability in the supply chain.To date, Covectra has processed over 2 billion serial numbers for global brand owners. Rounding out its suite of multi-layered brand protection products, the company has since introduced ControlTrack for monitoring drug compliance and its StellaGuard security label for smartphone tracking and authentication.
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. VerifyMe’s physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track-and-trace software. The company’s digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms.
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